Taking aim against corporate tax avoidance, Democrats in the U.S. Congress called on Tuesday for curbs on U.S. multinationals that shift tax domiciles abroad in deals known as "inversions."While still rare, these deals are becoming more common, with two recently attempted transactions by Pfizer Inc and Omnicom Group Inc drawing attention to the strategy.Under the proposed legislation, a two-year moratorium would be imposed on the corporate tax base-eroding deals, along with other new restrictions making them harder to do. "Our legislation would clamp down on this loophole," said Senator Carl Levin, the Senate bill's lead sponsor, in a statement.A similar bill was introduced in the House of Representatives by Levin's brother, Representative Sander Levin, with nine co-sponsors. If enacted, the legislation would apply to inversions completed after May 8.
Omnicom Group Inc. (Omnicom) is a holding company, providing professional services to clients through multiple agencies. Shares of OMC traded higher by 0.58% or $0.39/share to $67.79. In the past year, the shares have traded as low as $59.70 and as high as $76.87. On average, 1939990 shares of OMC exchange hands on a given day and today's volume is recorded at 1853449.
Pfizer Inc. (Pfizer) is a research-based, global biopharmaceutical company. Shares of PFE fell by 0.1% or $-0.03/share to $29.25. In the past year, the shares have traded as low as $27.12 and as high as $32.96. On average, 30977500 shares of PFE exchange hands on a given day and today's volume is recorded at 24855858.
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